Power Metallic Mines Inc. Expands Nisk Project with Strategic Acquisition of Mineral Claims
- Power Metallic Mines Inc. acquires 100% interest in 313 mineral claims, expanding Nisk Project holdings to 212.86 km².
- The acquisition involves a $700,000 cash payment and 6,000,000 common shares, enhancing resource exploration potential.
- Ongoing drilling programs target Nisk and Lion zones, aiming to uncover significant mineralization for future growth.
Power Metallic Mines Inc. Strengthens Position in Nisk Project with Strategic Acquisition
Power Metallic Mines Inc. (TSXV: PNPN) has successfully completed a significant acquisition, enhancing its portfolio within the Nisk Project Area in Quebec. The company acquires a 100% interest in 313 mineral claims spanning 167 km² from Li-FT Power Ltd., finalized on July 14, 2025. This acquisition increases Power Metallic's total land holdings in the Nisk area to approximately 212.86 km², positioning the company for prospective developments in high-grade mineralization. The newly acquired claims adjoin the existing 45.86 km² Nisk property, which is already known for its discoveries, including the Lion Cu-PGE and Nisk Cu-Ni-PGE-Co deposits. This strategic expansion underscores Power Metallic's commitment to enhancing its operational footprint in a region recognized for its rich mineral resources.
As part of the acquisition deal, Power Metallic makes a cash payment of $700,000 to Li-FT and issues 6,000,000 common shares, with certain shares subject to hold periods. Li-FT retains a 0.5% net smelter return royalty on the acquired claims, while previous agreements also introduce various underlying royalties. This acquisition not only solidifies Power Metallic's position in the Nisk Project but also demonstrates the company’s proactive strategy to capitalize on the growing demand for polymetallic resources. With ongoing drilling programs targeting the Nisk and Lion zones, as well as evaluations of the Tiger target, the company is poised to uncover further mineralization that could significantly enhance its resource base.
In addition to its focus on the Nisk Project, Power Metallic Mines Inc. maintains an ambitious international expansion strategy. The company holds substantial interests in land packages in British Columbia and Chile through its 50% ownership of Chilean Metals Inc. Furthermore, it controls Power Metallic Arabia, which possesses an exploration license in Saudi Arabia's Jabal Said Belt. This international presence aligns with Power Metallic's vision of developing joint ventures and establishing long-term revenue strategies, particularly through partnerships with local family offices in Saudi Arabia. CEO Terry Lynch emphasizes the importance of building investor trust and fostering international partnerships, which may pave the way for future production assets across Africa and Asia.
Power Metallic Mines Inc. is not only focused on the Nisk Project's development but is also preparing for a potential uplist to the New York Stock Exchange. This move aims to enhance visibility and credibility in the U.S. market, ultimately supporting the company's goal of transforming the Nisk Project into Canada’s next polymetallic mine. As the company embarks on a $50 million capital raise for a comprehensive 100,000-meter drilling program, the outlook for Power Metallic remains promising in an industry that continues to evolve and expand.